Quarterly report pursuant to Section 13 or 15(d)

OTHER BORROWED FUNDS

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OTHER BORROWED FUNDS
6 Months Ended
Jun. 30, 2014
OTHER BORROWED FUNDS [Abstract]  
OTHER BORROWED FUNDS
NOTE 7 - OTHER BORROWED FUNDS

Other borrowed funds include advances from the Federal Home Loan Bank and borrowings from the Federal Reserve Bank.

Federal Home Loan Bank Advances

At period-end, advances from the Federal Home Loan Bank were as follows (dollars in thousands):
 
 
 
 
   
 
Weighted
 
 
 
Advance
 
 
 
Average
 
Principal Terms
 
Amount
 
Range of Maturities
 
Interest Rate
 
June 30, 2014
 
 
 
 
 
Single maturity fixed rate advances
 
$
80,000
 
August 2016 to February 2019
   
1.69
%
Amortizable mortgage advances
   
8,774
 
March 2018 to July 2018
   
3.77
%
 
 
$
88,774
 
 
       
 
 
 
 
   
 
Weighted
 
 
 
Advance
 
 
 
Average
 
Principal Terms
 
Amount
 
Range of Maturities
 
Interest Rate
 
December 31, 2013
 
 
 
 
 
Single maturity fixed rate advances
 
$
80,000
 
August 2016 to February 2019
   
1.69
%
Amortizable mortgage advances
   
9,991
 
March 2018 to July 2018
   
3.78
%
 
 
$
89,991
 
 
       
 
Each advance is subject to a prepayment fee if paid prior to its maturity date.  Fixed rate advances are payable at maturity.   Amortizable mortgage advances are fixed rate advances with scheduled repayments based upon amortization to maturity.  These advances were collateralized by residential and commercial real estate loans totaling $449,977,000 and $411,715,000 under a blanket lien arrangement at June 30, 2014 and December 31, 2013, respectively.

Scheduled repayments of FHLB advances as of June 30, 2014 were as follows (in thousands):
 
2014
 
$
667
 
2015
   
1,938
 
2016
   
21,996
 
2017
   
2,055
 
2018
   
52,118
 
Thereafter
   
10,000
 
 
 
$
88,774
 

Federal Reserve Bank borrowings

The Company has a financing arrangement with the Federal Reserve Bank.  There were no borrowings outstanding at June 30, 2014 and December 31, 2013, and the Company had approximately $24.4 million and $22.7 million in unused borrowing capacity based on commercial and mortgage loans pledged to the Federal Reserve Bank totaling $28.3 million and $26.6 million at June 30, 2014 and December 31, 2013, respectively.